Commonwealth Bank Victims

The Commonwealth Bank of Australia has made $6 billion worth of new loans to coal, oil and gas projects in the 20 months since committing to the Paris climate agreement, a new document has shown – more than four times the amount it loaned to renewable energy projects over that period.

COMMONWEALTH Bank has joined the other major lenders in announcing an eye-watering profit, for their first quarter.

Just when you thought it could not get any more bizarre, the Australian Prudential Regulation Authority (APRA) announces it will open its new season with an inquiry into the Commonwealth Bank of Australia (CBA), specifically focusing on “governance, culture and accountability frameworks and practices within the group”.

Commonwealth Bank chairman Catherine Livingstone has been berated by a parliamentary committee for "extraordinary incompetence" in signing off on hefty executive bonuses even though her board knew of AUSTRAC's concerns about the bank's reporting of large ATM deposits.

It's being billed as the largest shareholder class action in Australian history. It remains to be seen whether this boast comes to pass but the class action litigation against the Commonwealth Bank will certainly involve a lot of shareholders.

Commonwealth Bank chief Ian Narev has issued a frank apology over the money laundering compliance scandal that destroyed billions in shareholder value, and put the lender under unprecedented scrutiny.

The Commonwealth Bank has sold 100% of its Australian and New Zealand life insurance businesses to AIA Group for $3.8 billion. The sale of CommInsure Life and Sovereign also includes a 20-year bancassurance partnership with AIA for the provision of life insurance products to customers in Australia and New Zealand.

IMF Bentham today announced it will formally fund an open class action against the Commonwealth Bank relating to alleged breaches of anti-money laundering and counter terrorism financing laws.

Barry Lakeman has had a gutful. “I’ve got bone cancer,” says the 59-year-old farmer from outback Western Australia. “The chances of pulling through are about 60/40.” Worse, he says, his son is disabled. He has epilepsy and a brain tumour and requires special medical treatment.

Commonwealth Bank has confirmed the existence of an explosive internal review of the bank’s compliance with Australian and global anti-money laundering and terrorism financing laws, which revealed widespread failures across numerous divisions within the lender.